Comex gold price opened higher as Iran tensions building up once again. Iran captured one of the oil tanker which belongs to UK & other belongs to Netherlands. This incident once again started building hype around Iran war. We just had one cool week which didn’t had any problem of trade war between US & China , No major news on Iran. But by the time we closed last Friday we already had news in our hand that two oil tanker are captured by Iranian military.
This is a dangerous game Iran played last week and it could give reason to US to wage a war against Iran in upcoming weeks. Gold already fired more than 100$ from its July’s low. Gold made high around 1450$ and crashed nearly 30$ from highs before closing around 1421$ last friday. Due to on going trade talks & Iran tensions precious metals trading in a wide range, which is making them difficult to trade.
This week we have advance GDP numbers from US which will be remain on focus. Fed chairman already stated that they are worried about slow growth which could hamper US economy in upcoming months. We may see a rate cut instead hike in a month or so. If Fed cut rate this year then dollar index may show good weakness which would boost gold prices & rate cut would also give a jump to dow jones index.
For now gold is trading at 1426$. Good support in xauusd chart stands at 1418$. If traders break and sustain below 1418$. Then expect comex gold to test till 1408$- 1400$.
Gold chart has a good resistance at 1438$. If xauusd break and sustain above 1438$. Then expect good rise in comex gold till 1444$- 1450$.
Conclusion: Currently gold is trading in no trade territory. Wait for support or resistance to breach before any trade. Trade with extremely tight stop loss in this volatile market.
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